Property and Equipment, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 6: Property and Equipment, net

	(in thousands)
	March 31, 2022			December 31, 2021
Land, buildings and improvements	$	—		$	3,900
Furniture, fixtures, and equipment		2,353			2,353
Total property and equipment		2,353			6,253
Less: accumulated depreciation		(2,216	)		(2,206	)
Property and equipment, net	$	137		$	4,047

Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, ranging from three to thirty-nine years. Depreciation expense for the periods ending March 31, 2022 and March 31, 2021 was $10,000 and $162,000, respectively.

The Company made a strategic shift on in-house manufacturing and recorded an impairment of the facility in the amount of $1,800,000 during the year ended December 31, 2021. During the period ending March 31, 2022, the Company reported assets held for sale related to the pending sale of the manufacturing facility located at 783 Jersey Avenue, which is expected to close within 120 days of the effective date of the Agreement of Sale and Purchase effective March 3, 2022. (See Note 11 Fair Value).